the offer or counter the offer.
Reviewing the Offer The first thing I will want to do is review the offer with you. Here are the main points of the offer/contract that I will review with you:
SALE PRICE
The offer shows the amount that the buyer is offering for your home, and is no doubt the most important information to you! The offer also shows how much cash the buyer will be putting down; an important factor when considering multiple offers. Remember the list price is not a ‘real’ number. We are not negotiating down from the list price. The only ‘real’ is the amount the buyer puts on paper and we are negotiating to get that number as high as possible . FINANCING Of course I always verify that the buyer is pre-approved to purchase your property prior to approving the showing. This is what we refer to as ‘pre-qualifying’ the buyer. Firm financing approval takes about 10 days. The actual purchase and sale agreement, taxes and property feature sheet are submitted to the lending institution’s underwriters. If the buyer is putting down less than 20% once the underwriters approve the application it is submitted to Genworth or CMHC for mortgage approval insurance. There is no way to get a pre-approval from the mortgage insurance companies and although the bank has approved the loan the insurers may not agree and decline the application.
DESPOSIT
Here, the buyer is agreeing to deposit what some call ‘good faith
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